Contacts:
Steven Tannenbaum
Collegium Pharmaceutical
401-762-2000
stannenbaum@collegiumpharma.com

CUMBERLAND, RI--(BUSINESS WIRE)-June 6, 2006-- Collegium Pharmaceutical, Inc., a specialty pharmaceutical company, today announced the achievement of a development milestone that is a subject of the Reformulation and New Product Agreement with Cypress Bioscience, Inc.

In January of 2004, Collegium was paid a development milestone when Cypress exercised its option to license all of the intellectual property rights from Collegium for novel reformulations and new analogs of milnacipran developed by Collegium under the companies' Reformulation and New Product Agreement entered into in August 2002. The goal of the collaboration is to develop competitive follow-on products to milnacipran thereby extending Cypress' milnacipran franchise, in particular, and the category of drugs known as Norepinephrine Serotonin Reuptake Inhibitors (NSRIs), in general. To date, the collaboration has resulted in a number of patent applications and one patent issuance. There is the potential payment of development milestones on the completion of certain initiatives of up to $5.4 million in aggregate, a portion of which has been paid. Collegium will also participate in royalties from any marketed products developed under the agreement.

The development continues on many of the initiatives developed during this collaboration with the goal of bringing new and innovative milnacipran related products to the market. Collegium's President, Michael Heffernan commented "We are very pleased with the achievement of this milestone and fully anticipate the achievement of additional milestones as progress continues on a number of initiatives associated with this agreement."

Milnacipran is the first of a new class of agents known as norepinephrine serotonin reuptake inhibitors, or NSRIs, which exerts its effect by preferentially inhibiting the reuptake of norepinephrine over serotonin, two neurotransmitters known to play an essential role in regulating pain and mood. It has been approved for the treatment of non-pain indications in 32 countries and has been used safely by more than 3 million patients during more than six years of commercial availability outside the U.S. Milnacipran is being developed for fibromyalgia in the United States market.

About Collegium Pharmaceutical
Collegium Pharmaceutical, Inc. is a privately held pharmaceutical company focused on the development of proprietary, late stage pharmaceutical products. These products target market opportunities through product improvement and line extension strategies protected by intellectual property (IP). Collegium applies customized pharmaceutical formulations and IP strategies to active ingredients that have been shown to be safe and effective, creating a portfolio of improved pharmaceutical products with potentially less development risk and shorter times to market. Collegium uses its broad expertise in IP development, drug formulation, manufacturing, basic science (chemistry, biology, bioengineering), marketing and clinical trials management to identify and execute product opportunities for itself and its partners. For more information, visit the Company's website at www.collegiumpharma.com